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Cryptocurrency Regulations Impact Operations in Nigeria
OKX, a cryptocurrency exchange, has decided to discontinue its operations in Nigeria due to increasingly strict local regulations impacting digital asset services. The announcement reflects the challenges faced by crypto companies in Nigeria amidst a crackdown on the sector.
In an email sent on July 17, OKX informed its users about the cessation of services in Nigeria, attributing the decision to recent regulatory changes. The exchange stated, “We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.”
According to OKX, users have until August 16 to close their P2P, margin, futures, and options positions, withdraw assets from Grow products, and transfer funds to their preferred wallets.
This move follows similar actions by other cryptocurrency exchanges in Nigeria. Binance, for instance, faced a ban in April over allegations of money laundering and tax evasion. The Nigerian government has also prohibited operations of other major exchanges like Coinbase, citing measures to safeguard the local currency, the naira.
In related news, KuCoin has announced the suspension of its naira card and peer-to-peer naira services following guidance from the Securities and Exchange Commission. The exchange assured customers that they would be notified once these services resume, although no specific timeline was provided.
Despite these regulatory challenges, the cryptocurrency industry continues to evolve globally, adapting to regulatory landscapes while exploring opportunities for innovation and growth.
News
Over 60 Injured in Drone Strike on Northern Israel
More than 60 people have been injured following a drone strike in northern Israel’s Binyamina region, according to emergency response organization United Hatzalah. The attack, claimed by Hezbollah, targeted a training camp of the Israeli Defence Forces (IDF) Golani Brigade, located between Tel Aviv and Haifa.
The victims, whose conditions range from critical to mild, were evacuated to five regional hospitals via ambulances and helicopters. Israeli media reported that 67 people were injured in total, with four in critical condition and five others seriously wounded.
Hezbollah’s media office said the strike was in retaliation for Israeli airstrikes in southern Lebanon and Beirut earlier this week. The group used a “swarm of drones” in the attack, and reports suggest the low-level drones launched from Lebanon did not trigger Israel’s early warning alarms.
Footage showed wounded individuals being rushed into emergency vehicles, including helicopters, as medical teams worked swiftly to provide care. The injured were taken to hospitals in Hadera, Tel Hashomer, Haifa, Afula, and Netanya, where medical teams are working to stabilize those in critical condition.
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Officials Urge Caution in Aftermath of Hurricane Milton: ‘Don’t Go Sightseeing’
Although Hurricane Milton has passed, officials are warning residents across Florida to remain cautious as the storm’s lingering effects, including severe flooding, continue to pose risks. In Hillsborough County, where Tampa is located, rescue teams have been hard at work after the river overflowed, causing over 6 feet (1.8 meters) of flooding. The Hillsborough County Sheriff’s Office, traveling by boat, has been ensuring the safety of residents in the flood-affected areas.
While multiple Florida ports have reopened, including Key West, Port Everglades, and Miami, several remain closed, such as those in St. Petersburg, Fort Myers, and Jacksonville. Georgia and South Carolina have also seen some port reopenings, but many areas still face closures and flooding risks.
President Biden provided an update on the storm’s damage, estimating the total cost to be around $50 billion. He emphasized that more financial aid would be necessary and called on Congress to approve additional funds as the true extent of the damage is assessed.
Officials are also urging people to stay off the roads and avoid “sightseeing” in affected areas to prevent further accidents or fatalities. “We’re going to need a lot of help,” Biden said, stressing the long recovery ahead after Milton and Hurricane Helene, which struck the region just weeks earlier.
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Florida Reels as Hurricane Milton Leaves Six Dead and Destruction in its Wake
At least six people have died after Hurricane Milton tore through Florida, leaving behind a trail of destruction. As emergency responders navigate floodwaters and clear debris from fallen trees and power lines, the full extent of the storm’s toll remains unclear.
In St. Lucie County, four people lost their lives after multiple tornadoes struck the region. In central Florida’s St. Petersburg, police chief Anthony Halloway confirmed two more deaths.
President Joe Biden addressed the nation, acknowledging the uncertain scope of the damage and the dangers that remain. He emphasized that while the storm has passed, the aftermath can often bring additional fatalities. “There’s still very dangerous conditions in the state,” Biden warned.
He also stressed the need for substantial financial aid to support the state’s recovery. Biden called on Congress, currently in recess, to return and address the urgent emergency funding needs, underscoring that Florida’s recovery will be a “long haul” requiring billions of dollars in aid.
The president assured that immediate relief efforts are underway, ensuring that residents affected by the storm receive the support they need.
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